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No; that was the offer by the state manager to pension funds which was rejected. From what was once touted as the shining example of middle class city to this; its a shame.
North Las Vegas, a separate city from Las Vegas, a city of 150,000. Tick-tick-tick goes the clock!
The legislature just authorized the city to use their funds for infrastructure repairs to help fund their daily operations. Somehow, some way, you gotta pay those $85,000 a year police salaries up there!
I read that there are only about 22 blocks on which homeowners pay property taxes. When a municipality can't even collect its taxes, it's got a problem.
BTW, this entire issue of bankruptcy for towns/cities/states will be watched closely, especially where pensions are an issue. Here in NY, even though pensions are fully funded (so far), I blame unions for what might become a future problem. That "no diminishment/impairment" clause can be overturned via proper procedure but, if these cities prevail in jettisoning their pension obligations through bankruptcy, that won't even be necessary.
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